Chana futures hit upper limit, zooms 4% on tight stocks

Extending rising streak for the third day, chana prices surged 4 per cent to hit upper circuit at Rs 8,765 per quintal in futures trade today as participants indulged in raising speculative bets, triggered by tight stock position in the market.
At the National Commodity and Derivatives Exchange, chana for delivery in July spurted by Rs 337 or 4 per cent to freeze upper limit of Rs 8,765 per quintal with an open interest of 1,950 lots.
The commodity for delivery in August edged higher by Rs 326 or 4 per cent to Rs 8,487 per quintal in 2,260 lots.

Analysts said a firming trend at the spot markets as participants created speculative positions triggered by paucity of stocks amid pick up in demand, influenced chana prices at futures trade here.